BSA Compliance Series: Job-Specific BSA Training for the Frontline: CTRs, SARs, CIP & More

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Job-specific BSA training has been emphasized in the BSA Examination Manual for several years. Frontline BSA responsibility is a huge part of a successful examination process. Simply doing the same training program each year will not be adequate. Money laundering activities continue to evolve and frontline training must keep pace with emerging risks. This session will cover the basic expectations for completing CTRs; scenarios for reporting suspicious activity and recent trends in SARs; and the framework for an effective customer identification program for opening new accounts. Join us for a fast-paced review of the basics and also learn about emerging money laundering red flags in 2017.

HIGHLIGHTS

  • The “fifth” pillar – Beneficial Ownership Rules – will be added next year
  • What does the frontline need to know when deposit or loan accounts are opened? 
  • Key questions to ask during the new account interview or loan application
  • What are the best risk assessment practices for CDD and EDD in 2017? 
  • What changes must be made for 2018?
  • Tips for monitoring an effective customer identification program (CIP), including case studies
  • Recent enforcement actions have focused on a failure to identify, monitor, and report suspicious activity 
  • Learn important tips to help the frontline staff understand the SAR requirements
  • Money laundering red flags and the current trends
  • Case studies of common CTR reporting errors
  • Examples of structuring a transaction – the most common reason for SARs

TAKE-AWAY TOOLKIT

  • SAR checklist to identify, monitor, and report suspicious activity based on BSA exam procedures and the risk assessment process
  • Sample BSA Responsibility Matrix, including SAR monitoring and CIP
  • Sample CDD policy for new beneficial ownership requirements and the fifth pillar of BSA
  • Compliance review checklist for CTRs
  • Employee training log
  • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?

This informative session will benefit all employees who open and service accounts. The session is designed for tellers, new account representatives, customer service representatives, call center employees, loan officers, loan assistants, branch managers, BSA officers, BSA support staff, and anyone involved in the BSA program.

ABOUT THE PRESENTER – Susan Costonis, CRCM, Compliance Consulting and Training for FIs

Susan Costonis is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real-life examples.

Originally recorded on October 24, 2017.

Recorded webinar link is available until April 30, 2018.

Free Digital Copy included with purchase to download and view beyond link expiration date.

Price includes sales tax.